First Republic Bank is actually a new comer on the banking scene with its roots dating the organization back to San Francisco. The private bank and personal wealth management company first opened its doors in 1985 as First Republic Bancorp Inc. in San Francisco. The main banking efforts targeted real estate lending, specifically focusing on larger home loans. Within the first year of operation, the bank was in the black.
Growth for First Republic
For the remainder of the decade, First Republic Bank grew at a steady pace. The company was approved as seller-servicer with both Fannie Mae and Freddie Mac, provided FDIC insurance to depositors, completed an initial public offering of common stock and eventually expanded into the Los Angeles area. The first L.A. depositors branch officially opened in 1988.
During the 1990’s, First Republic Bank continued on a path of growth and development. The company ranks expanded to include more employees, more branches continued to open throughout the state, Nevada, New york and ultimately achieved record earnings in 1997.
First Republic Today
All the careful planning and prudent decisions in the later part of the 20th century helped contribute to the current day status of First Republic Bank. Since September 21, 2007 First Republic Bank has operated as a branch of Merrill Lynch & Co. Inc. The organization now provides private business banking services, private wealth management, residential lending products and deposit services.